INDB vs INVA: Correlation
Measured on weekly returns over the past three years, Independent Bank Corp. (INDB) and Innoviva, Inc. (INVA) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDB and INVA?
On 3 years of weekly data the INDB/INVA correlation comes out at 0.44, moderate. Recent behaviour matches the longer record: 0.37 over 1 year against 0.44 over 3. The 5-year figure is 0.34, and annualized covariance runs at 344.4 %².
Within INDB's tracked universe of 12 assets, INVA comes in at #7 by 3-year correlation. Over the last 12 months INDB came out ahead by 12.7 percentage points (+18.3% against +5.6%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
INDB vs INVA: side by side
| INDB (Independent Bank Corp.) | INVA (Innoviva, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +5.6% |
| 5-year return | +28.6% | +36.6% |
| Volatility (ann.) | 30.9% | 25.4% |
| Beta vs S&P 500 | 0.85 | 0.21 |
| Max drawdown (3Y) | -30.8% | -23.5% |
| Market cap | $3.9B | $1.5B |
| P/E (trailing) | 14.9 | 4.9 |
| Dividend yield | 2.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INDB | INVA |
|---|---|---|
| 2022 | +6.3% | -23.2% |
| 2023 | -18.9% | +21.1% |
| 2024 | +1.6% | +8.2% |
| 2025 | +17.9% | +15.2% |
| 2026 | +14.6% | +4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDB and INVA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between INDB and INVA?
The INDB/INVA correlation stands at 0.44 on a 3-year window (1 year: 0.37, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is INVA a good diversifier for INDB?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/indb-vs-inva.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/indb-vs-inva/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INDB correlations · INVA correlations
